Shopee parent Sea delivers double-digit growth in sales, profit

Sea Limited, the parent company of Shopee, has announced a notable increase in its revenues and profits during the first quarter of the year, indicating a robust start to the financial year.

Impressive Revenue and Profit Growth

The company’s revenue for the quarter ending on March 31st skyrocketed by 29.6% to $4.8 billion. Concurrently, gross profits experienced a 43.9% boost, reaching $2.2 billion. This represents a significant turnaround for the company, which reported a net income of $410.8 million as opposed to a loss of $23 million during the same period last year.

Record Performance by Shopee

Shopee, Sea’s e-commerce subsidiary, recorded record numbers for both Gross Merchandise Value (GMV) and total volume of orders, which climbed by 21.5% and 20.5% respectively. The subsidiary’s revenue saw a 28.7% increase, amounting to $3.1 billion. This growth was driven by a 39.2% rise in core marketplace revenue and a 4% increase in revenue from value-added services.

Strong Growth Across All Segments

Sea also reported robust growth in its digital financial services (Monee) and digital entertainment (Garena) segments. Forrest Li, Chairman and CEO of Sea, expressed satisfaction with the company’s first-quarter performance. “We have delivered another great quarter of strong growth with improving profitability across all three businesses,” Li said. He added: “Our strong start to the year gives us more confidence of achieving our full-year guidance.”